| | SLO | ENG | Cookies and privacy

Bigger font | Smaller font
First page > Show document

Show document Help

Title:STRUKTURA KAPITALA IN STOPNJA ZADOLŽENOSTI PODJETIJ KOT DEJAVNIKA NJIHOVE VREDNOSTI IN USPEŠNOSTI POSLOVANJA S PRIMEROM NA IZBRANIH PODJETJIH V SLOVENIJI
Authors:ID Vinković, Bojana (Author)
ID Oplotnik, Žan Jan (Mentor) More about this mentor... New window
Files:.pdf MAG_Vinkovic_Bojana_2016.pdf (941,00 KB)
MD5: 9A9DEDDF22DAF4046BF902CCAB118845
 
Language:Slovenian
Work type:Master's thesis
Typology:2.09 - Master's Thesis
Organization:EPF - Faculty of Business and Economics
Abstract:Optimalna struktura kapitala je dejavnik poslovanja podjetja, ki ga različni ekonomisti preučujejo že več kot 50 let. V tem času so prispevali veliko različnih pogledov na tematiko strukture kapitala in preučili vrsto dejavnikov ki vplivajo na strukturo kapitala in na katere struktura kapitala vpliva. V nalogi sem predstavila vse pomembnejše teoretične pristope in opravila raziskavo povezanosti strukture kapitala z uspešnostjo poslovanja podjetij, vpliva na njihovo vrednost, lastniško strukturo ter vpliva spremembe prihodkov na spremembo zadolženosti podjetij. Raziskavo sem opravila na vzorcu podjetij v Sloveniji, ki so v obdobju 2004 – 2014 svoje delnice kotirala na Ljubljanski borzi vrednostnih papirjev. Rezultat raziskave je pokazal na močan negativen vpliv zadolženosti podjetij ter šibak pozitiven vpliv razpršene lastniške strukture na uspešnost njihovega poslovanja. Medtem ko je negativen vpliv zadolženosti podjetij na uspešnost njihovega poslovanja pričakovan in se podobni rezultati pojavljajo tudi pri raziskavah tujih ekonomistov na evropskih trgih, pri vplivu lastniške strukture na uspešnost poslovanja podjetij v tujini rezultati niso tako podobni, prav tako pa so tudi med seboj različni od države do države. Eden izmed ciljev naloge je bil tudi ugotoviti ali podjetja v Sloveniji razmišljajo o optimalni strukturi kapitala ter kakšni motivi jih pri tem vodijo. Ugotovila sem, da podjetja pri najemanju finančnih virov delujejo skladno z ugotovitvami teorije vrstnega reda, vire pa iščejo zgolj takrat, ko jih potrebujejo za svoje poslovanje ali investicije in ne zato, da bi uravnavala strukturo kapitala s ciljem doseči optimalno strukturo, ki bo povečala vrednost podjetja in minimizirala stroške kapitala.
Keywords:Struktura kapitala, optimalna struktura kapitala, trade – off teorija, teorija vrstnega reda, teorija tempiranja trga, stroški kapitala, tehtano povprečje stroškov kapitala (WACC), stroški finančne stiske, agencijski stroški, asimetrične informacije, transakcijski stroški
Place of publishing:[Maribor
Publisher:B. Vinkovič
Year of publishing:2016
PID:20.500.12556/DKUM-58388 New window
UDC:658.14/.17
COBISS.SI-ID:12498716 New window
NUK URN:URN:SI:UM:DK:MFQG2SPF
Publication date in DKUM:16.09.2016
Views:1971
Downloads:257
Metadata:XML DC-XML DC-RDF
Categories:EPF
:
Copy citation
  
Average score:(0 votes)
Your score:Voting is allowed only for logged in users.
Share:Bookmark and Share



Hover the mouse pointer over a document title to show the abstract or click on the title to get all document metadata.

Secondary language

Language:English
Title:Capital structure and level of corporate debt as a factor of companies’ value and performance with the case in selected companies in Slovenia
Abstract:Optimal capital structure is a factor of the company’s operations and has been studied by various economists for more than 50 years. In this time, they have contributed a lot of different views on the topic of capital structure and examined a range of factors that have influence on capital structure and that are affected by it. In the thesis I presented all the major theoretical approaches and carried out a research about the relationship between companies’ capital structure and their performance, value, ownership structure and the impact of income changes on corporate debt changes. The research included companies in Slovenia during the period 2004 – 2014 that were listed on the Ljubljana Stock Exchange. The result of the research discovered a strong negative impact of corporate debt, and weak positive impact of dispersed ownership structure of companies on their performance. While the negative impact of companies’ corporate debt on their performance was expected and similar results appear also in the researches of foreign economists on the European markets, the impact of ownership structure on the performance of companies abroad does not show such similarity, as they are also different from one another from country to country. One of the objectives of this thesis was also to determine whether companies in Slovenia think about optimal capital structure and what their motives are in this aspect. I discovered that when searching for financial resources, companies in Slovenia act in accordance with the pecking order theory, the financial resources are engaged only in case companies need them for their business or investments, and not for adjusting the company's capital structure to the optimal which would maximize the value of the company and minimize its costs of capital.
Keywords:Capital structure, optimal capital structure, trade – off theory, pecking order theory, market timing theory, costs of capital, weighted average cost of capital (WACC), costs of financial distress, agency costs, asymmetric information, transactional costs


Comments

Leave comment

You must log in to leave a comment.

Comments (0)
0 - 0 / 0
 
There are no comments!

Back
Logos of partners University of Maribor University of Ljubljana University of Primorska University of Nova Gorica